5 Reasons Why Small Business Owners Should Consider Business Bank Accounts
If you are an entrepreneur at heart or are gearing up to start your own company, have you considered how you are going to handle your finances? Financial Institutes, such as banks and credit unions alike, are hungry for start up companies who may be interested in a business bank account. Banks are offering incentives and bonuses to new business owners when they sign on to open an account. There are some pretty interesting incentives included that just might grab your attention.
Business News Daily put together a list of five possible incentives that come with opening a business bank account in their article, "5 Things to look for in a Business Bank Account." Many of these incentives are pretty standard across the board; however, they may vary from bank to bank. Plus, some bonuses do require an extra fee. Take a look:
Payroll offered though a bank? You bet. Some banks offer payroll software or services to help save small businesses money on independent payroll bookkeepers.
2) Fraud Coverage
In order to avoid financial loss due to fraud, banks are starting to offer fraud insurance. If more than one person is able to access the bank account, which increases the likelihood of fraudulent activity, fraud insurance is your new best friend. Banks will help protect your company’s financial assets.
3) Retirement and Health Savings Accounts (HSA)
Nowadays, banks are dipping their toes into the world of retirement benefits and HSAs. Retirement plans like 401(k)s and pensions can really capture the eye of a potential employee. Plus, business owners may save money and time by depositing directly from their own back account into an employee’s HSA.
4) Business Discounts
Banks partner with companies like hotels, airlines and office-supply stores. As a business owner, you can receive some great discounts from these partnerships, which in turn help offset travel and office supply costs.
5) Company Credit Card Control
With this feature, small business owners can control how much is spent, when and where, and even exact times of transactions on the company credit card. This gives owners the ability to make sure their employees are using the credit card for exactly the purpose of buying items for the company, only.
For more information on how small business owners can benefit from a bank business account, check out this article by Business News Daily, "5 Thinks to Look for in a Business Bank Account." So many of these bonuses and incentives are worth your while, time and money. If you are in the market for a business bank account, it’s worth checking into all the various incentive packages offered through each bank or credit union.